Donations to Harvard's endowment exceed $150 million News Harvard Crimson
Harvard's fundraising crisis now has a price tag: $151 million.
Total philanthropic giving fell 14 percent in fiscal year 2024 as several billionaire donors publicly cut ties with Harvard in response to campus hate speech.
The $151 million decline marks one of the most significant year-over-year drops in donations in the past decade. The university saw the largest decline in contributions to the endowment, which fell by $193 million. Current-use gifts, however, remain strong — an increase of $42 million over fiscal 2023.
Senior university leaders warned privately Months of sluggish philanthropy figures amid a turbulent year marked by a leadership crisis and heightened public scrutiny over the university's erroneous initial statements after Hamas's Oct. 7 attack on Israel.
Harvard President Alan M. Garber '76 publicly expressed his displeasure with the university's latest fundraising figures in an interview with The Crimson last week. His comments came after he privately warned of a substantial drop in alumni contributions in March.
“Some of the new commitments have been disappointing compared to last year,” Garber said. “There are also some indications that we may see improvements in the future.”
Unlike current-use gifts, gifts intended for Harvard's endowment cannot be spent immediately—only the annual investment returns from these gifts are available for use.
Although these contributions are reserved in the endowment, the investment income they generate has become critical to the university's financial operations. Donations to the endowment have supported strengthened financial support, new research initiatives, and expanded operating expenses for Harvard's educational mission.
A sustained decline in endowment contributions would likely pose a long-term threat to the university's ability to grow beyond its current operations.
While it's not unusual for Harvard to experience endowment fluctuations following a major leadership turnover, former Harvard President Claudine Gay's surprise resignation in January amid criticism of the backlash and accusations of campus hostility plunged the university into crisis.
Gay resigned from office after just over six months into his term, leading to the sudden promotion of Garber as the university's interim president. For the past 10 months, he has tried to take over the role as Harvard's chief fundraiser and repair relations with disillusioned donors.
Despite concerns, philanthropy continues to be a major pillar of Harvard's financial stability. It accounts for 45 percent of the university's revenue — consistent with fiscal year 2023 — and endowment income distributions rose to $2.4 billion, its highest level, remaining an important source of funding for university operations.
Current-use gifts differ from endowment gifts because they can be fully expended. A 9 percent increase in current use gifts — amounting to $42 million — played a significant role in philanthropy's contribution to the university's operating revenue.
These contributions were often in the form of small-dollar donations, with more than 75 percent of gifts averaging $150 per donor.
The report, however, does not account for contributions that occurred after June 2024, beyond the most recent fiscal year.
In his interview with The Crimson, Gerber said he believes alumni and donors are “reassured by the direction the university is taking.”
“They are relieved that, at least so far, this academic year has been somewhat quiet,” he added.
A person with knowledge of the university's fundraising efforts said June 2024 was “an especially strong month” for Harvard.
Harvard Chief Financial Officer Ritu Kalra acknowledged in an interview with the Harvard Gazette, a university-run publication, that Harvard may still face some struggles in the coming months.
“The future will be more complex — sustaining both the level of giving and the level of return may be difficult — but we remain grateful to our donors for their unwavering faith in Harvard's academic mission,” Kalra said.
“Their support is vital to everything we do,” he added.
— Staff writer Sidney K. Lee can be reached at sidney.lee@thecrimson.com Follow him on Twitter @Sidnickley.
—Staff writer Thomas J. Mete can be reached at thomas.mete@thecrimson.com. Follow him on Twitter @Thomaszmet.
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